12:00 PM EDT, 05/02/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target price of $265, valuing RNR shares at 6.9x our 2025 operating EPS estimate of $38.45 (upped today by $2.00) and at 7.1x our 2024 EPS estimate of $37.20 (raised by $4.10), versus the three-year average forward multiple of 8.4x and a peer average of 9.6x. Q1 operating EPS of $12.18 versus $8.25 topped our $8.07 EPS estimate and the $9.52 consensus view on 47% higher operating revenues and stable underwriting results (combined ratio of 77.9% versus 78%) as RNR leverages a strong insurance/reinsurance pricing and demand environment with the acquisition of Validus Re. We up our 2024 operating revenue forecast to a rise of more than 20%, and see growth of 15%-20% in 2025. While RNR's results can be volatile because of its catastrophe reinsurance coverage (abut 34% of its premium base), we believe steps RNR has taken to grow and diversify its book of business, coupled with above-peer underwriting profitability, will provide the shares with a catalyst to close their valuation gap to peers.